Gas Prices Spiraling Downward, Drivers Rejoice

They're the lowest gas prices in more than four years and drivers across the country couldn't be happier.

"Even better for delivery drivers. I'm delivering across the Bay area and cheaper gas helps me and my family," Anthony Wallarta, from San Jose, California, said.

Oil prices are down around 40 percent since the middle of June, dropping below $70, something that would have been unheard of just a few months ago.

More than 60 percent of U.S. gas stations are already selling gas lower than $3. The national average is down to $2.77 a gallon and it could go even lower, down another 10 to 20 cents.

It's a boost for the economy because the lower gas prices are like a tax cut for anyone who buys gas.

"With someone who commutes, it does add up over the weeks and the months," Buki Akanbi, from San Jose, said.

Those lower prices are a good sign for consumer spending as the holiday season approaches because the more drivers save at the pump, the more they'll have to splurge on presents and everything else.

But it's not necessarilty great news for countries that export oil, like some oil-exporting countries in the Middle East, Russia, Venezuela, and others.

Venezuela will bring in less money from oil and that could hurt an economy that is already facing problems.

Russia's economy is also already hurting because the value of the ruble has been falling on the international markets and inflation has been heading higher.

And the Washington Post reports that lower oil prices could hurt Iran, which relies on money from selling oil.

Lower oil prices could hit the Iranian economy, which is already under international sanctions because of its nuclear program.

No one really knows the full impact of falling oil prices because they drop so fast. But for now, many companies and countries are wondering just how they'll deal with this new world of cheap oil.